Coldwell Banker Realty has revolutionized the process of earnest money deposit payments for real estate agents and homebuyers by partnering with technology provider Payload, as announced recently.
Through this integration, Coldwell Banker Realty, a subsidiary of Anywhere Real Estate Inc., now has the capability to handle all earnest money deposit (EMD) payments through Payload’s Check21 feature, which is based on a federal law that enables financial institutions to process checks through imaging.
In 2022, Coldwell Banker introduced digital EMD capturing for all agents by integrating with Payload on its My Deals platform and Trident account system, aimed at replacing traditional transaction cover sheets. Prior to this collaboration, Coldwell Banker managed over 100,000 of these transactions manually, but with Payload, those days are now a thing of the past.
“We are excited to collaborate with Coldwell Banker Realty to digitally transform their payment workflows,” stated Zach Jacob, Payload’s vice president of real estate. “Our technology is perfectly tailored to meet the specific needs of the real estate market, and this partnership showcases the potential of automation to significantly enhance operational efficiency and client satisfaction.”
Kevin Morey, Anywhere’s vice president of agent services, emphasized the company’s commitment to enhancing their services through innovative technology.
“We are constantly seeking ways to utilize technology to improve the homebuying experience for our team and clients,” he said. “The seamless integration and payment experience provided by Payload have been widely adopted by our agents and homebuyers, while the automated payment reconciliation has simplified our accounting processes significantly.”
In addition to automated EMD capturing, Payload also enables Coldwell Banker to process lease commission payments and agent receivables, allowing agents to conduct ACH, credit and debit transactions, as well as use virtual wallets like Google Pay or Apple Pay.
“In our efforts to streamline the real estate transaction process, both agents and consumers have embraced the convenience that Payload offers in finalizing a purchase and sales agreement,” remarked Pauline Bennett, Coldwell Banker’s Northeast regional president.